Although there have been improvements in property values during the past quarter, they are only modest gains and not enough to flip the market the other way, according to the latest Commonwealth Bank Home Buyer Index.

More bargain suburbs are emerging throughout Australia, particularly in Queensland and Tasmania during the May quarter, according to the figures prepared in conjunction with RP Data.

RP Data national research director Tim Lawless said there are more than 300,000 properties listed for sale in Australia and as a result more areas had become ''buyer's markets''.

Mr Lawless said the index showed that the housing market still favoured buyers.

"It really does suggest there are a lot of properties that are for sale at the moment,'' Mr Lawless said.

"Stock levels remain high across each of the capital cities so prospective buyers have a good range of housing options to choose from.''

He believes any change in the market will be gradual.

There were a few "balanced markets'' which included parts of Melbourne, Darwin and Canberra.

The index found the number of homes advertised for sale in Queensland and Tasmania outweighed demand and all other states were starting to become buyer's markets.

Mr Lawless Hobart was the most "extreme'' buyer's market.

On the other side of the equation, the index listed the top seller's markets in Australia and as would be expected those regions which are part of the mining boom feature prominently.

Mr Lawless said areas such as the Bowen Basin, Pilbara and Hunter Valley where the rental rates were very high and vacancy rates were low were seller's markets.

The Central Highlands region of Victoria was the nation's top seller's market.

In Sydney, almost all suburbs were considered buyer's markets with the Gosford-Wyong region topping the list.

Melbourne's housing market was softening and Brisbane had "extreme'' buying conditions across almost half of the region.

The Adelaide housing market was considered the most balanced in the nation while Perth under performed.

The index was calculated comparing the number of properties available for sale with demand for home loans through the Commonwealth Bank.

The bank is Australia's largest home lender.

CBA general manager home loans, Clive van Horen, said the results showed that there were good buying opportunities throughout Australia.

However, he warns buyers to do their due diligence and crunch the numbers before committing.